It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money. This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit. Prepare Before You Begin Trading Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you. A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market. Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading. The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time. All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not. Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket. Diversify and Limit Your Risks Two strategies that belong in every trader's arsenal are: Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea. Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses. Be Patient Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies. In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!

SWEET CORN, PEPPERED BACON AND SHRIMP CHOWDER

Sweet Corn, Peppered Bacon and Shrimp Chowder is everything you could dream up in a soup and then some. Today was one of those chilly fall evenings that required a hearty, soul warming soup.


This has been a pretty standard recipe when we’re craving some comfort.

INGREDIENTS

  • 2 tablespoons Olive Oil, plus more for drizzling
  • 4 whole Sweet Corn Cobs, husked
  • 4 whole Medium Gold Potatoes, peeled and diced
  • 6 slices Bacon, I used deli thick cut smoked and peppered bacon
  • 1 pound Large Raw Shrimp, peeled and deveined
  • 1 tablespoon Butter
  • 1 whole Sweet Onion, diced
  • 1 teaspoon Smoked Paprika
  • 1/4 teaspoon Cayenne Pepper, or a pinch for less heat
  • 3 cloves Garlic, grated or minced
  • 1 cup Ale or Wheat Beer
  • 3 cups Chicken Stock or Vegetable Stock
  • Kosher Salt and Ground Black Pepper, to season
  • Green Onion, chopped for garnish

INSTRUCTIONS 

  1. Preheat your oven to 375 degrees F.
  2. On a sheet pan drizzle the corn with olive oil and sprinkle with kosher salt and pepper, roast in the oven for 15-20 minutes until corn looks golden and juicy. Remove and let cool until ready to handle.
  3. Cut corn off the cob and reserve until needed. Place a small bowl inverted inside of a bigger bowl and use as a platform to cut the kernels off of the cob.
  4. Meanwhile, cook your diced potatoes in a medium pot of salted water, bring to a boil and reduce to a simmer until fork tender, about 20 minutes.
  5. Remove from heat and drain water. Place potatoes in a food processor or blender and blend until smooth. If you prefer slightly chunky, then by all means make it chunky.
  6. Heat olive oil in a large dutch oven over medium heat.
  7. Add the bacon and cook rendering the fat. Cook until you get crisp gorgeous bacon bits. Remove with a slotted spoon to a paper towel lined plate.
  8. Drain some of the fat until about 2 tablespoons are left in the pot. Add shrimp to the pot and season with salt and pepper, cook for 2 minutes in the bacon fat. Stir to cook shrimp evenly. Remove shrimp with a slotted spoon and set aside.
  9. Add the 2 tablespoons of butter and the onions to the pot and increase the heat slightly. Sweat out the onions until translucent and tender, about 5 minutes. Add the reserved roasted sweet corn kernels to the pot.
  10. Stir in and season with salt and pepper. Add the garlic, smoked paprika, and cayenne.
  11. Deglaze pot with the beer of your choice. Scrape up any browned bits and simmer until liquid is reduced, about 5 minutes. Stir in potato puree. Taste and season with salt.
  12. While stirring start adding the stock. Stir well. Make sure the stock is completely stirred into the mixture. Reduce heat and simmer soup for 10 minutes. Adjust seasonings with salt and pepper, to taste. Before serving, add reserved shrimp and bacon. Garnish with chopped green onion and serve. Enjoy!

Recipe Adapted : SWEET CORN, PEPPERED BACON AND SHRIMP CHOWDER @ dashofsavory

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